Co-operative loan letter - Wording Error

cheesemaster1

Today I have received a letter form the Co-op about my career development loan I took out in December 2012. Here's part of what it says:

"As you may be aware we you periodic statements at least every 12 months to keep you updated..... in accordance with the Consumer credit act 1974...."

"since we produced your last statement we have noticed that some of the wording that is required in accordance with the act (Consumer credit act 1974) was omitted in error."

"We are currently looking through the detail of this omission to identify customer impacts and we will write to you again in due course once this review has been completed with further information about what this means for you. As part of this process we have notified the Office of Fair Trading....."

"No action is required by you at this time but if you have any questions in relation to the content of this letter....."

I would phone them up but would rather not pay the ridiculous prices for the privilege.

Any help would be much appreciated to explain what this is about.

centurion_36

I also received this letter from cooperative today too. I did read an article last year about barclays not wording there loans correctly and having to pay back all the interest paid for loans if the loan interest is even 1 pence wrong. So that would be nice but probably abit optimistic

st999

a letter form the Co-op

Oh dear.
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